Klotz was essentially saying that Cohen, the most successful trader of his generation, was winging it every day.
Controllers followed the bank's procedures but rarely went beyond required checks, the report said, even when the size of Mr. Kerviel's bets was abnormally large for a trader of his experience and position.
Penniless and unable to speak a word of English, he fled with his parents to the United States and made himself into the most successful -- and wealthiest -- commodities trader of his time: "The King of Oil," as one of his longtime business partners would later put it to me.
So he talks to a trader friend of his and asks, "Why is our stock so low?" And the trader says, "Well, you have this debt problem that will pop up in 2012 and you have to solve it immediately".
Good support is a must for any trader, regardless of his level of experience.
Acing the Job Interview Mr. Blankfein, according to the New York magazine profile: "When he arrived for his first interview at J. Aron & Co., a commodities-trading firm in New York owned by Goldman Sachs, Dennis Suskind, a partner, led him through a roomful of screaming traders to his office.
NPR Former Goldman Sachs Trader Accused of Fraud | The Commodity Futures Trading Commission accused Matthew Marshall Taylor, a former Goldman trader, of defrauding his then-employer of $118 million and covering up a position worth more than $8 billion, The Financial Times reports.
"In 2008 and 2009, I examined the mood of the bankers and traders," he explained of his "Down on Wall Street" project, "and in 2010, I worked on a series, 'After the Fall,' about how New York City had been affected by the ensuing chaos.
His losses grew to $30,000 as traders took advantage of his inexperience.
In a rage Santelli led mercantile traders, fellow members of his morally challenged tribe, in a televised chant against letting the government help "losers" save their mortgages.
